Are Millennials Today’s New Manufactured Home Buyers?
Posted on: August 19, 2015 by Aegis Security Insurance
Manufactured homes have long been known to appeal to the baby boomers of the U.S. however lately they’ve been becoming popular candidates for millennials. As these individuals recognize the benefits of affordable home ownership, the industry is being revitalized. In addition to proper care, Manufactured Home Insurance can provide peace of mind for these owners.
Modern manufactured homes are well built and inexpensive housing alternatives. While these homes are factory-built, there are countless options available that have been tailored to suit a wide demographic. For example, manufactured homes come in plenty of styles including Cape Cod, log cabin, ranch, and brick-and-mortar designs. Moreover, these homes do not resemble trailers any longer. These homes are now designed to look identical to traditional homes.
Another selling feature is the safety of these homes. Recent codes and new structural regulations enacted by the U.S. Department of Housing and Urban Development have helped to ensure higher quality homes are built that have been historically.
The pricing of these factory built homes starts at approximately $30,000 for single section models and increases to $120,000 for a customized home including granite countertops, land-laid tile, fireplaces, etc. Even at this price, they are still a quarter of the price of their site-built counterparts.
Further, the recent economic improvement has allowed for this home market to be profitable and successful. For example, millennials between the ages of 20 and 30 have been the biggest consumers of manufactured homes. Similar to typical housing, manufactured home sales took a hard hit in the 2008 recession. Although the industry suffered harsh setbacks, manufacturing housing is slowly recovering.
“I think the product makes a lot of sense for people through this recovery,” stated Evan Atkinson, an Ohio based retailer and developer. “I think they’re feeling a little more stable in their employment situation and we’re seeing more of them coming into the housing market. They are more accepting of manufactured housing.”
For almost 40 years, Aegis Security Insurance Company has offered products that specialize in protecting against the risks associated with manufactured home ownership. With this coverage, your clients can rest assured knowing their property and assets are protected. For more information on our operations, we invite you to contact us today at (800) 233-2160.